Reasons To File Your Return Before The Tax Deadline
While its tempting to celebrate the news of the 2021 tax deadline extension, there are a lot of compelling reasons to file your return well in advance of the new May 17 deadline.
Here is a list of reasons to consider filing your taxes sooner rather than later
- Some taxes are still due on April 15
While the federal taxes deadline may have shifted to May 17, the date for estimated quarterly tax payments remains April 15. This may or may not affect you, depending on what state you live in.
For the last tax year, most states adjusted the estimated quarterly tax payment date to match the new federal tax deadline, so try to stay in the loop in your state.
- You could qualify for a stimulus payment
Theres a chance that by filing your taxes sooner rather than later, you could qualify for the most recent stimulus payment.
The latest stimulus payment is calculated according to your 2020, so if you noticed a decrease in income that year, you should file your taxes as soon as possible to give yourself a chance of receiving the payment sooner.
- You will have more time to make sure you filed correctly
One of the main reasons to do anything early is to give yourself more time.
If you have more time, you are more likely to notice any mistakes and provide any additional information if necessary. You give yourself the luxury of speaking with your tax consultant about any deductions you may be eligible for and anything else you might have missed out.
- You could receive a refund faster
Alignment With State And District Of Columbia Holidays And Changes In Date
Tax Day occasionally falls on Patriots’ Day, a civic holiday in the Commonwealth of Massachusetts and state of Maine, or the preceding weekend. When this occurred for some time, the federal tax deadline was extended by a day for the residents of Maine, , Massachusetts, New Hampshire, New York, Vermont, and the District of Columbia, because the IRS processing center for these areas was located in Andover, Massachusetts and the unionized IRS employees got the day off. In 2011 and 2015, Tax Day fell on Patriots’ Day. However, federal filings were directed to Hartford, Connecticut, Charlotte, North Carolina and Kansas City, Missouri, and there was no further extension for Maine, Massachusetts or other surrounding states’ residents. In 2019 and 2021, when Patriots Day was again observed on the tax filing deadline, residents of Maine and Massachusetts were given extra time to file as post offices in those states would be closed on normal deadline.
Emancipation Day is celebrated in Washington, D.C. on the weekday nearest April 16, and under a federal statute enacted decades ago, holidays observed in the District of Columbia have an impact nationwide. If April 15 falls on a Friday, then Emancipation Day is celebrated on the same day and tax returns are instead due the following Monday, April 18. When April 15 falls on a Saturday or Sunday then Emancipation Day is celebrated on the following Monday and tax returns are instead due on Tuesday.
Every Tax Deadline You Need To Know
OVERVIEW
Make sure your calendars up-to-date with these tax deadlines, dates, possible extensions and other factors in play for both individuals and businesses in 2023.
For information on the third coronavirus relief package, please visit our American Rescue Plan: What Does it Mean for You and a Third Stimulus Check blog post.
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Key Takeaways Individual income tax returns are typically due April 15, unless the date falls on a weekend or holiday or you file Form 4868 seeking an extension until October 15. Independent contractors, gig workers, and self-employed people usually have to make quarterly estimated tax payments are pre-set dates throughout the year. Partnerships and S-Corps filing deadlines are typically either March 15 unless they operate on a fiscal year. A six-month extension to September 15 can be requested using Form 7004. |
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Forms Filed Quarterly With Due Dates Of April 30 July 31 October 31 And January 31
- File Form 941, Employers QUARTERLY Federal Tax Return, if you paid wages subject to employment taxes with the IRS for each quarter by the last day of the month that follows the end of the quarter. If you timely deposited all taxes when due, then you have 10 additional calendar days to file the return. See Publication 15, Employer’s Tax Guide, for more information.
Federal Income Tax Withholding Social Security And Medicare Tax Deposits
For taxes reported on Forms 941, 943, 944, or 945, there are two deposit schedules: monthly and semi-weekly. Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use. The deposit schedule you must use is based on the total tax liability you reported on forms previously during the specified lookback period. The lookback period is different based on the form type. See the instructions for the form itself or Publication 15 for more information about the lookback period and how to determine which type of depositor you are.
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Us Tax Filing Deadlines And Important Dates In 2022
Are you a citizen of the United States or a Green Card Holder residing in Canada? Do you have an interest in the U.S. or foreign business entity? Are you a Canadian individual or a business owner with U.S. interests? Or maybe you are in charge of your business tax compliance? You should be aware of the important dates and deadlines of your income tax filing requirements.We designed this page to assist you or your qualified cross-border and U.S. tax advisor in determining U.S. tax filing deadlines that may apply to your case. For example, if you are a U.S. expat and live in Canada, your general deadline for filing a U.S. income tax return with the Internal Revenue Service is April 15 . However, an automatic extension to June 15 is granted to those U.S. citizens or residents whose tax home and abode, in real and substantial sense, is outside the United States and Puerto Rico. Further extensions may be requested by taking affirmative action and filing Form 4868 ), sending a letter with a relevant explanation to the IRS , and filing Form 2350 requirements extends the filing deadline to meet the FEIC requirements).
The extension of time to file ones tax return DOES NOT extend the time for making the tax payment. To avoid potential penalties and/or interest for late tax payment, please ensure that you either pay tax with a timely filed tax return or along with filing an extension to file the respective tax return.
What Happens If You Cant Pay Your Taxes
You should still file your return and immediately request a payment plan if you cannot pay all the taxes you owe at once. The IRS will generally allow you to pay over time, as long as you make the necessary arrangements to do so.
It would be beneficial for you to go to IRS Direct Payment and have the payment debited directly from your bank account if you owe money and you do not want to send a check to the IRS by mail, this involves a risk for the additional time it could take.
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S Corporation And Partnership Tax Returns Due
Business owners filing taxes for an S corporation or partnership have less time to do their taxes. March 15 is the deadline to file your S corporation tax return or Partnership return . If youâre an S corporation, see our full guide on S corp taxes and deadlines.
Note that S corporations and Partnerships do not pay taxes on their income. That tax is paid on the individual incomes of the shareholders or partners, respectively.
March 15 is also the deadline to file for an extension for S corp and partnership tax returns.
Forms:
When Is The Deadline For Fbar
If you have at least $10,000 deposited in one or more non-US bank accounts, youll need to report it by filing FinCEN Form 114: Report of Foreign Bank and Financial Accounts, also known as the FBAR.
The FBAR must be filed electronically using the FinCEN BSA E-Filing System. The deadline for this form is technically April 18, 2023, but if you miss that, it automatically extends to October 16. You wont even have to file an extension request.
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Tax Day For Individuals Extended To May 1: Treasury Irs Extend Filing And Payment Deadline
IR-2021-59, March 17, 2021
WASHINGTON The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.
Federal Tax Return Due Dates Chart
AICPA MEMBER
Resource
The fifteenth day of every month seems to have a tax deadline. For many practitioners, it can be hard to keep up with the constant deadlines. Download this quick reference chart for a summary of common federal tax deadlines for tax year 2021.
Reference the AICPA Tax Sections SALT Roadmap State and Local Tax Guide for state-related guidance.
Helpful IRS resources
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IRS Publication 509, Tax Calendars: 13-page IRS publication that provides all IRS due dates for filing tax
File name: federal-tax-return-due-dates-chart.pdf
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When Are Estimated Taxes Due In 2022
Those who pay estimated taxes have a slightly different filing schedule than everyone else. People who pay quarterly estimated taxes include the self-employed, as well as those who work similar entrepreneurial or independent contractor jobs. If your paycheck doesnt have income taxes taken out before the money gets to you, then this requirement applies to you.
Estimated taxes are due quarterly and must be submitted with Form 1040-ES. Heres when those payments are due:
- First-quarter payments: April 18, 2022
- Second-quarter payments: June 15, 2022
- Third-quarter payments: Sept. 15, 2022
- Fourth-quarter payments: Jan. 17, 2023
Note: Like Tax Day, quarterly tax payments are due on April 18 this year. But because Jan. 15, 2023, is a Sunday, and Monday, Jan. 16 is Martin Luther King Jr. Day , the deadline to pay estimated taxes on the self-employment income you earn in the fourth quarter of 2022 has been pushed to Jan. 17, 2023.
This is the standard schedule to follow, provided nothing interferes.
If youre an employee who earns tips, youre required to report all your monthly tip earnings to your employer by the 10th of the following month. Your employer is responsible for sending those numbers to the IRS, as well as for adjusting how much money comes out of your paycheck to satisfy your tip withholding.
When Is Tax Day 2022
The deadline for filing your 2021 taxes is April 18, 2022. Typically, April 15 is designated by the U.S. government as the day taxes are due every year. April 16 is Emancipation Day in Washington, and since it falls on a Saturday this year, the holiday will be officially observed on the closest weekday, April 15.
With few exceptions, Tax Day in the United States has fallen on the same date since 1955: April 15. And while the IRS extended the filing and payment deadlines for the 2019 and 2020 tax years because of the COVID-19 pandemic, dont expect any extra time to pay and submit your 2021 return.
The IRS began accepting and processing 2021 tax returns toward the end of January.
Given the rule changes going into effect in 2022 as well as potentially complicating factors, like this years expanded child tax credit payments and repayment of deferred Social Security taxes, taxpayers have even more incentive to get moving on their 2021 returns.
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When Are Taxes Due
For most taxpayers, the main income tax return deadline for 2020 tax returns is May 17, 2021 aka IRS Tax Day 2021. The deadline has been pushed from April 15 this year, but this does not change things for state taxes deadlines for those typically also fall on April 15, but you should check with your state to confirm.
The deadlines differ for individuals versus businesses, and it depends in part on whether you use a calendar year or a fiscal year. If youve already missed a deadline, file and pay your taxes as soon as possible to stop additional interest and penalties from accruing.
What If I Made A Mistake And Need To Re
Mistakes happen. You file your tax return, then realize you forgot to report some income or claim a certain tax credit. You typically don’t need to redo your whole return. Along with filing an amendment using Form 1040-X, youll also need to include copies of any forms and/or schedules that youre changing or didnt include with your original return.
IRS Form 1040-X is a two-page form used to amend a previously filed tax return. TurboTax can walk you through the amendment process to correct your tax return.
To avoid delays, make sure you only file Form 1040-X after your original Form 1040 has been accepted. If youre filing a Form 1040-X to collect a tax credit or refund from a previous year, youll need to file within three years after the date you timely filed your original return, or within two years after the date you paid the tax, whichever is later.
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Will It Return Filing Date Be Extended
ITR filing September 30 deadline Income tax return filing is one of the most important financial tasks every year. Although the last day to file ITR is generally 31 July, the deadline for ITR filing for the financial year 2020-21 has been extended to 30 September 2021, keeping the Covid situation in view.
The 2021 Tax Deadline Extension: Everything You Need To Know
OVERVIEW
In response to the Coronavirus pandemic, the Treasury and IRS issued new instructions that call for a tax deadline extension, moving the customary April 15 deadline to May 17, 2021. Read more to learn about the relevant details and how they impact your situation.
For information on the third coronavirus relief package, please visit our American Rescue Plan: What Does it Mean for You and a Third Stimulus Check blog post.
Also Check: Tax Burden By State 2022
When Is Tax Day Its Complicated
The deadline for filing 2021 federal income tax returns for most taxpayers is April 18. Taxpayers havent had to file on the traditional date, April 15, since the 2019 filing season.
2022 IRS Key Tax Dates
IRS Free File service opens to prepare tax year 2021 returns
Final estimated tax payment for 2021 due
IRS begins processing 2021 tax returns
Free MilTax service for military opens to prepare 2021 returns
First estimated tax payment for tax year 2022 due
Filing deadline for tax year 2021
Second estimated tax payment for 2022 due
Third estimated tax payment for 2022 due
Extended deadline to file 2021 tax return
Fourth estimated tax payment for 2022 due
In 2020 and 2021, the April 15 deadline got pushed back by the COVID-19 pandemic. And in some non-pandemic years, the deadline sometimes gets pushed back to the next business day because April 15 falls on a weekend.
The filing deadline this year is Monday, April 18, because Washington, D.C., observes Emancipation Day on Friday, April 15. By law, the IRS is required to treat D.C. holidays as if they were national holidays for tax-filing purposes. Emancipation Day commemorates the day in 1862 when President Abraham Lincoln signed into law a measure to free enslaved people in D.C.
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Annual Tax Filing Deadlines For 2023
Individuals and Families – Annual personal income tax filings are due on Tuesday, April 18, 2023. The majority of people file a 1040. Since April 15 falls on a Saturday, and Emancipation Day falls on Monday, April 17, 2023, the tax deadline is moved to April 18, 2023.
Corporations – C corporations also file on April 18. S corporations and partnerships file on March 15.
If you already filed your tax return, you can see when to expect your tax refund here.
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Extended Federal Tax Returns
The additional deadline is October 17, 2022, if you didn’t file your 2021 federal tax return by April 18, 2022, and requested a filing extension by that date. Keep in mind that requesting a filing extension does not extend the deadline for paying your tax debt. You still needed to calculate how much tax you owed and pay it before April 18th. If not, you risk incurring fines and interest on the outstanding sum.
There may be more time for some folks to submit an extended federal tax return. Taxpayers who are overseas or who fought in a combat zone, for instance, could be permitted to submit an extended return after October 17. In addition, the IRS permits some natural catastrophe victims to file an extended return after October 17.